Same flat sold twice- FIR filed against Ozone Urbana Infra Developers over alleged multi-crore housing fraud

A major real estate fraud case has surfaced in Bengaluru, with allegations that Ozone Urbana Infra Developers sold the same apartment to two buyers and secured multiple bank loans on the same property.

In a major real estate fraud case, Ozone Urbana Infra Developers is accused of selling the same apartment to two buyers and securing loans from multiple banks on one property. An FIR has been registered at Devanahalli police station.

Fraud allegations against a prominent developer

A major real estate controversy has emerged in Bengaluru, with serious allegations against Ozone Urbana Infra Developers Private Limited. The developer is accused of selling the same apartment to two different individuals and availing loans from multiple banks on the same property, triggering a criminal investigation.

Based on a formal complaint, Devanahalli police have registered a First Information Report (FIR) against the company and several of its former and current officials for cheating, criminal conspiracy, forgery, and causing financial losses to banking institutions.

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Original purchase of apartment T-1102

According to the complaint, Apartment No. T-1102 at the Ozone Urbana project was legally purchased by Falaksh Srishail Valishetty on December 15, 2017. The sale was executed lawfully, and all required documentation was completed with Ozone Urbana Infra Developers.

After purchasing the apartment, Falaksh Srishail Valishetty moved abroad and continued to reside overseas.

Same flat allegedly sold again

Despite the earlier legal sale, the developer allegedly sold the same apartment, T-1102, to another individual identified as Sabyasachi Das. Police records state that a second sale deed was executed for the same flat, resulting in two separate ownership claims over a single apartment.

This alleged act forms the core of the fraud accusation against the developer.

Multiple bank loans on a single property

The complaint further reveals that the developer allegedly obtained loans from multiple banks on the same apartment. Separate financial loans were reportedly secured from Indiabulls and from SBI and YES Bank, all against Apartment T-1102.

Investigators believe that this resulted in substantial financial exposure and potential losses to the lending institutions.

Complaint filed by friend on behalf of buyer

The FIR was filed by Vinod Kumar, a close friend of Falaksh Srishail Valishetty, who approached the police on Valishetty’s behalf after discovering the alleged fraud.

Based on Vinod Kumar’s complaint, Devanahalli police initiated legal proceedings and registered the case.

Criminal charges invoked

Police have booked the accused under charges related to:
•    Cheating
•    Criminal conspiracy
•    Forgery
•    Fraudulent property transactions
•    Causing financial losses to banking institutions

The investigation is ongoing, with authorities examining sale deeds, loan documents, and company records.

List of accused named in FIR

The FIR names the following individuals associated with Ozone Urbana Infra Developers

1.    S. Vasudevan – Former Director
2.    Priya Vasudevan – Wife of S. Vasudevan
3.    Sai Prasad – Director
4.    Durbakala Vanshi Sai – Director
5.    Srinivasan Gopalan – Former CEO
6.    S. Bhaskaran – Director

Police are expected to question the accused as part of the investigation.

Police action and investigation status

Devanahalli police have confirmed the registration of the FIR and stated that further investigation is underway. Authorities are coordinating to verify financial transactions, bank loan approvals, and property ownership records linked to the case.

The allegations against a reputed developer have highlighted the risks involved in property purchases and the importance of thorough legal verification before buying real estate.